(ZEROHEDGE) – Back in late 2022, when Credit Suisse stock cratered to never before seen levels after a series of dismal earnings reports and regulatory “missteps” sparked a staggering bank run, amounting to some $88 billion forcing the bank to seek emergency liquidity from the Fed via SNB swap lines, and which also led to a historic corporate restructuring which included the de facto closure of the bank’s investment bank coupled with mass layoffs and bonus cuts, many thought that would be as bad as it gets as the (rapidly changing) management had finally thrown out the kitchen sink.
Boy, were they wrong.
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On Thursday, Credit Suisse shares tumbled as much as 12%, after the Swiss bank unexpectedly posted a bigger-than-expected loss for the fourth quarter and even more unprecedented client outflows, exacerbating the difficulty for new CEO Ulrich Koerner in returning to profitability by next year.
